CST Brands, Inc. Reports Year-End And Fourth Quarter 2013 Results
CST Brands, Inc. (NYSE: CST), one of the largest independent retailers
of motor fuels and convenience merchandise in North America, today
reported financial results for the full year and fourth quarter ended
CST Brands, Inc. (NYSE: CST), one of the largest independent retailers of motor fuels and convenience merchandise in North America, today reported financial results for the full year and fourth quarter ended December 31, 2013. Three Months Results For the three month period ended December 31, 2013, the Company reported net income of $34 million, or $0.44 per diluted share. Included in net income are asset impairments of $4 million. Excluding these asset impairments, net income would have been $36 million, or $0.48 per diluted share. Net income was $60 million, or $0.78 per diluted share, for the comparable period in 2012. Revenues totaled $3.1 billion for the fourth quarter of 2013 compared to $3.2 billion for the same period of 2012. Motor fuel revenues in the U.S. segment declined $110 million, driven by a 1 percent decline in motor fuel gallons sold and a 6 percent decline in the Company’s per gallon average motor fuel selling price. Motor fuel revenues declined $36 million in our Canada segment, primarily due to weakness of the Canadian dollar relative to the U.S. dollar. Overall revenues in the Canadian segment declined approximately $71 million due to foreign currency effects of the Canadian dollar relative to the U.S. dollar. For the fourth quarter 2013, the U.S. motor fuel gross margin (cents per gallon), after deducting credit card fees, was $0.15 compared to $0.21 in the fourth quarter of 2012. The Company experienced historically strong U.S. motor fuel gross margins in the fourth quarter of 2012, due primarily to the volatility of wholesale gasoline prices during that period. U.S. merchandise gross margin, net of credit card fees, increased from 28.9 percent for the fourth quarter of 2012 to 30.5 percent for the same period in 2013 due primarily to an increase in food services and packaged beverages.